Jasper County Democrat, Volume 6, Number 27, Rensselaer, Jasper County, 10 October 1903 — ROSE LAWN BANK BUSTED. [ARTICLE]

ROSE LAWN BANK BUSTED.

Jeaslo J. Fry, Politician-Banker Makaa AaalgnmanL Jesse Fry, the Rose Lawn banker and republican politician, has made an assignment to D. K. Frye, a business man of Rose Lawn. The cause of the assignment is said to have been Fry’s inability to realize on some checks and drafts on a Chicago firm for some $6,000. This paper had been deposited with another bank and came back to Fry protested. Other banks then closed in and a run resulted that caused the assignment. Fry announces that every depositor will be paid in full. The trustee will continue the business, it is announced, and straighten out the bank’s affairs. It is rumored, but with what truth we are unable to say, that Fry had little or no means himself, but was doing business on the deposits.

Concering the failure the Kentland Enterprise says: “W. H. Boyle, cashier of the bank, came down Monday and filed the deed of trust schedule of property for record. We have not the amount of the liabilities and assets, but are informed by those who are in a position to know that if sufficient time be given the assignee to make proper collections of the outstanding obligations, creditors will be paid in full. While the bank was conducted in the name of Mr. Fry it is generally believed that W. B. Austin, L. M. Fairbanks and T. J. McCoy were interested in the business. Notes to the amount of $8,700.00 were assigned to these gentlemen some time previous to the closing of the bank. Mr. Boyle returned to Rose Lawn Monday and will assist the assignee in closing up the affairs.”